Perspectives
- Both EU and non-EU imports increased by 5% and 6.9%, respectively, in October, while the value of UK goods imports at current prices (not adjusted for inflation) increased by 5.8%.
- A 4.6% decline in exports to non-EU nations was substantially counterbalanced by a 4.1% increase in exports to the EU, resulting in a 0.4% monthly decline in the value of goods exports.
In October of this year, the value of goods imported into the UK at current prices (not adjusted for inflation) grew by £2.6 billion (~$3.28 billion), or 5.8%. Imports from the EU and non-EU countries climbed by 5% and 6.9%, respectively.
In October, the value of goods exports decreased by £0.1 billion (~$126.35 million), or 0.4%, with a 4.6% decrease in exports to non-EU nations being mostly compensated for by a 4.1% increase in exports to the EU. For the first time since November 2023, exports to the EU exceeded exports to non-EU nations.
In the three months leading up to October, the trade deficit in goods decreased by £1.8 billion (~$2.27 billion) to £51.4 billion (~$64.93 billion).
In October 2024, EU exports were £0.1 billion greater than exports to non-EU nations, while EU imports were £4.4 billion higher than those from non-EU countries.